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Brazil to Revise Mining Regulations

Iron Ore

Brazilian president Michel Temer has announced plans to revise the country’s mining code, Reuters reports. The proposed changes include reforming licensing procedures, creating a new National Mining Agency, increasing fines for environmental damage and revising mining royalties.

 

Under the new proposals iron ore royalties will range between 2% and 4%, depending on the price, and would be charged against gross income, as opposed to net income under current arrangements. Iron ore royalties are currently set at 2%. If approved by the country’s congress, changes to royalty rates are scheduled to come into force in November.